3 reasons you should consult an expert before refinancing

Refinancing can reduce your mortgage repayments – but it is a major financial decision, so it could be worth speaking to the home loan experts first.
Sponsored by Unloan. With Unloan, you can get a home loan that rewards you every year. A rate that gets better, with no negotiations needed. Every year you're with Unloan, you'll receive an automatic discount of 0.01% p.a., for up to 30 years.
Refinancing your home loan shouldn't be done lightly.
Although it can help you get into a better financial position, you need to consider a number of factors.
1. It can affect your credit score
Refinancing often is a good way to reduce home loan costs, consolidate debt and get better access to loan features.
In the long term, it can also help you establish a better financial position.
But it can also have a short-term impact on your credit score.
This can make it trickier to get other loans or financing in the immediate future.
Speaking to an Australian-based expert – like those at Unloan – can help you make a more informed decision about whether refinancing is right for you.
2. Potential extra costs
Saving money is one of the main reasons most people refinance.
But sometimes it can involve extra costs. Some of the common expenses include:
- Discharge fees
- Break fees
- Establishment or application fees
- Property valuation fees
- Settlement fees
- Lenders Mortgage Insurance
- Service fees
These fees can add up quickly.
It's important to consider these costs, speak to an expert and determine whether you'll be better off overall.
Unloan offers home loans that don't charge fees – annual, application, banking, account, transaction, late or exit*.
Looking for a provider that doesn't require these fees can make refinancing significantly easier and cheaper.
Watch the Unloan Refinance Classic!
3. It needs to be considered holistically for your financial situation
Everyone's circumstances are unique.
Although you are likely to be better off after refinancing, it's not always the case.
You need to think about why you're refinancing.
Will you save money? How do you plan to use the funds that could be freed up?
Will you get value out of new loan features?
Speaking with experts – like the team at Unloan – can help you establish a clearer picture.
You'll be in a better position to see how refinancing will affect your lifestyle before proceeding.
Not sure where to get started? Unloan has a handy list of some of the big considerations you should weigh up before you refinance.Learn about refinancing considerations
Learn more about refinancing with Unloan today
Sponsored by Unloan. With Unloan, you can get a home loan that rewards you every year. A rate that gets better, with no negotiations needed. Every year you're with Unloan, you'll receive an automatic discount of 0.01% p.a., for up to 30 years.
*Unloan does not charge any annual, application, banking, account, transaction, late or exit fees. In certain circumstances, you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.
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